Writing to shareholders in his semi-annual letter, Smith outlined the fund’s return profile for the opening half of the yr.
Fundsmith Fairness made a 9.3% complete return between 1 January and 30 June 2024, which Smith mentioned would “usually be trigger for celebration”, particularly because the fund outperformed bonds – when utilizing the Bloomberg Collection-E UK Govt 5-10 12 months Bond index as a proxy comparability (-2.2%) and holding money at a 2.6% rate of interest.
Nonetheless, on this event, Fundsmith’s returns underperformed the MSCI benchmark.
The MSCI World index made 12.7% over the six-month interval, whic…
